Wall Street Zen Upgrades Commerce Bancshares (NASDAQ:CBSH) to Hold

Commerce Bancshares (NASDAQ:CBSH) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

Several other brokerages also recently commented on CBSH. Piper Sandler lowered their price objective on Commerce Bancshares from $66.00 to $63.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Weiss Ratings cut Commerce Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd. Raymond James Financial upgraded Commerce Bancshares to a “hold” rating in a research report on Thursday, August 27th. Keefe, Bruyette & Woods lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Finally, Morgan Stanley boosted their price target on Commerce Bancshares from $76.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, September 28th. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $64.29.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH opened at $54.57 on Friday. The firm has a fifty day moving average price of $57.51 and a 200-day moving average price of $55.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $7.83 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.66 and a beta of 0.60. Commerce Bancshares has a 1 year low of $46.99 and a 1 year high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The firm had revenue of $498.91 million for the quarter, compared to the consensus estimate of $492.22 million. During the same period last year, the firm earned $1.14 EPS. Equities analysts anticipate that Commerce Bancshares will post 4.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Douglas Neff sold 666 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $58.15, for a total transaction of $38,727.90. Following the completion of the transaction, the senior vice president owned 11,746 shares of the company’s stock, valued at $683,029.90. This represents a 5.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Derrick Brooks sold 1,041 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total value of $62,074.83. Following the transaction, the senior vice president owned 13,117 shares of the company’s stock, valued at approximately $782,166.71. The trade was a 7.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 32,950 shares of company stock worth $1,963,777. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Commerce Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Commerce Bancshares during the 2nd quarter worth about $755,669,000. Commerce Bank purchased a new stake in Commerce Bancshares in the 2nd quarter worth about $316,010,000. Dimensional Fund Advisors LP raised its position in Commerce Bancshares by 29.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock worth $193,999,000 after purchasing an additional 894,183 shares during the period. First Trust Advisors LP raised its position in Commerce Bancshares by 11.0% in the 1st quarter. First Trust Advisors LP now owns 2,610,223 shares of the financial services provider’s stock worth $128,423,000 after purchasing an additional 257,817 shares during the period. Finally, Bank of America Corp DE bought a new stake in Commerce Bancshares in the second quarter worth about $83,328,000. 70.26% of the stock is owned by institutional investors.

About Commerce Bancshares

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Its principal subsidiary, Commerce Bank, provides banking and financial services to businesses, institutions and individuals through a network of branches and digital channels.

The company’s offerings include commercial and consumer lending, deposit accounts, treasury and payment services, credit and debit cards, investment services, brokerage, trust administration and wealth management. Commerce also provides specialized services for businesses, including cash management, merchant processing and other payment solutions.

Commerce Bank traces its history to 1865 and primarily serves customers in Missouri, Kansas, Illinois, Oklahoma and Colorado.